/ Management's 2023 Financial Outlook
The Company's second quarter and updated FY 2023 revenue, diluted earnings per share and ACV guidance is provided below. The Company is also providing its updated FY 2023 guidance for unlevered operating cash flow. The diluted earnings per share guidance is provided on both a GAAP and non-GAAP basis. Non-GAAP financial measures exclude the income statement effects of stock-based compensation, excess payroll taxes related to stock-based compensation, amortization of acquired intangible assets, expenses related to business combinations and adjustments for the income tax effect of the excluded items.
This guidance is based on the Company's evaluation of factual information it has determined to be relevant and the application of certain assumptions made by the Company. Please refer to the Company's prepared remarks document for additional information regarding the Company's financial guidance, including its assumptions regarding overall business dynamics.
/ Second Quarter 2023 Guidance
The Company currently expects the following for the quarter ending June 30, 2023:
| (in millions, except percentages and per share data) | GAAP | Non-GAAP | |||||||||||||
| Revenue | $ 473.0 - 498.0 | $ 473.0 - $ 498.0 | |||||||||||||
| Revenue Growth Rate | (0.2%) - 5.1% | (0.6%) - 4.6% | |||||||||||||
| Revenue Growth Rate — Constant Currency | 0.4% - 5.7% | —% - 5.3% | |||||||||||||
| Diluted earnings per share | $ 0.55 - $ 0.78 | $ 1.35 - $ 1.53 | |||||||||||||
| (in millions, except percentages) | Other Financial Metrics |
| ACV | $ 474.0 - $ 494.0 |
| ACV Growth Rate | 3.0% - 7.3% |
| ACV Growth Rate — Constant Currency | 3.4% - 7.7% |
/ Fiscal Year 2023 Guidance
The Company currently expects the following for the fiscal year ending December 31, 2023:
| (in millions, except percentages and per share data) | GAAP | Non-GAAP | |||||||
| Revenue | $ 2,242.0 - $ 2,322.0 | $ 2,242.0 - $ 2,322.0 | |||||||
| Revenue Growth Rate | 8.5% - 12.4% | 8.2 % - 12.0 % | |||||||
| Revenue Growth Rate — Constant Currency | 8.1 % - 12.0 % | 7.7 % - 11.6 % | |||||||
| Diluted earnings per share | $ 5.31 - $ 5.97 | $ 8.39 - $ 8.91 | |||||||
